The Hongkong and Shanghai Banking Corporation Limited (HSBC) has received in-principle approval to set up an IFSC Banking Unit (IBU) at GIFT- International Financial Services Centre (IFSC).
The in-principle approval has been given by the GIFT SEZ Authority but is subject to other regulatory approvals. Since it began functioning, 13 banks have set up their IBUs in GIFT IFSC.
Earlier, senior retired bureaucrat of Odisha cadre, Injeti Srinivas was appointed as the first chairman of the International Financial Services Centre Authority (IFSCA) for the Gandhinagar-based financial special economic zone or Gujarat International Finance Tech (GIFT) City. GIFT City is the dream project of Prime Minister Narendra Modi.
The IFSCA will act as a unified authority to regulate all financial services in international financial services centres (IFSCs) across the country which were earlier governed by regulators such as the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI) and Insurance Regulatory and Development Authority of India (IRDAI).